Dia Bras Intercepts Wide Silver-Lead-Zinc-Copper Mineralization in First Diamond Drill Hole at its Melchor Ocampo Property in Zacatecas State, Mexico
MONTREAL, QUEBEC -- (Marketwire) -- 10/26/10 -- Dia Bras Exploration Inc. (TSX VENTURE: DIB) ('Dia Bras') (the 'Company') is pleased to report that it has received assay results from the first diamond drill hole of its current drilling program at the Las Coloradas project in the Melchor Ocampo mineral district, Zacatecas State. The hole intercepted 119.6 m of skarnified limestone and averages 65.6 g/t (2 ounces) silver, 1.16% lead, 1.43% zinc and 0.11% copper.
'This is an exciting result for a first drill hole in a property that is approximately 20 km north of the world-class Penasquito mine, which is also a precious metal orebody with base metal by-products,' stated Daniel Tellechea, President & CEO. 'Our target at Las Coloradas is a large-tonnage, underground-mineable silver deposit with important zinc-lead-copper by-product credits, and this first hole of our program has confirmed that such mineralization exists over a very wide interval. As we continue the evaluation and exploration of the properties acquired in the EXMIN transaction, our portfolio of attractive properties keeps increasing.'
The Las Coloradas project is located in the Melchor Ocampo mineral district, which is known for the occurrence of large carbonate replacement deposits of precious and base metals. Las Coloradas is approximately 20 kilometres due north of Goldcorp's Penasquito mine, as well as near important mines/projects in Zacatecas such as Aranzazu (Aura Minerals), Tayahua (Frisco) and Camino Rojo (Goldcorp) (http://diabras.com/files/media/58564_Melchor%20Ocampo%20District.pdf see attached map).
The first Las Coloradas drill hole, Drill Hole DLC10B001, was drilled on a bearing of 180 degrees and at an inclination of -45 degrees to twin a hole drilled by Echo Bay Minerals in 1996, hole Z96-35, that was lost in mineralization at 246 m. That hole returned 69.0 metres of core averaging 51 g/t silver, 1.2% lead and 1.1% zinc. The results from Dia Bras' first drill hole are shown in Table 1.
Table 1 - Assay Results from Dia Bras drill hole DLC10B001
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From (m) To (m) Core Silver Lead % Zinc % Copper %
Length (m) g/t
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165.0 284.6 119.6 65.6 1.16 1.43 0.11
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Incl. 165.0 218.2 53.2 67.7 1.42 1.30 0.11
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Incl. 242.0 284.6 42.6 93.3 1.31 2.18 0.16
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Drill hole DLC10B001 was collared in sandstone and shale east of a wide (approx. 100 m), near-vertical, E-W trending fault zone and crossed into the Taraises Formation (thin-bedded limestone and mudstone) and then entered the La Caja Formation (siltstone and thick-bedded limestone) that was converted to skarn by intrusion of a granodioritic body (http://www.diabras.com/files/media/3bef5_LasColoradas-Section-200E%28V2%29%5B1%5D.pdf see attached cross section). The lower portion of the Taraises Formation is also skarnified. Underlying the skarnified La Caja Formation is the Zuloaga Formation (massive limestone), which is un-mineralized. The hole was stopped in the Zuloaga Formation at a depth of 357.2 m.
Skarn development begins 140 m down hole and continues to 218 m. Disseminated, minor mineralization occurs for the first 25 m, but at 165 m mineralization becomes more intense. The mineralized zone starts in the skarn zone but continues from 218 m as fracture fillings in the jasperoid-bearing La Caja Formation for an additional 66 m. Alteration and mineralization occurs between two narrow (8.0 and 2.7 m width), granodiorite intrusions that are inferred to be dikes.
Drill hole DLC10B002 was drilled from the same site and bearing but at an angle of -70 degrees and cut 194 metres of mineralized rock from 210 m down hole. Assays are pending. The hole was stopped at 528 m.
The drill rig was moved 400 m to the west and drilled hole DLC10B003 on a bearing of 180 degrees and an inclination of -60 degrees in order to test the strike extent of the mineralization. A fourth hole will also be drilled from this site.
Award of Options and Resignation of Director
The Company announces that the Board of Directors has granted a total of 3,335,000 options to purchase common shares in the Company of which 1,025,000 were granted to Directors who are also Officers of the Company, 300,000 to Officers of the Company and the remaining 2,010,000 to employees or consultants of the Company and its Mexican subsidiaries. All options expire five years from grant and are exercisable as follows: a first third vested on grant are exercisable at a price of $0.28 until expiry; a second third shall vest on the first anniversary of the grant and be exercisable at a price of $0.34 until expiry; and a last third shall vest on the second anniversary of the grant and be exercisable at a price of $0.40, until expiry.
The Company also announces the resignation of Eduardo Gonzalez as Director of the Company and would like to thank Mr. Gonzalez for his service and to wish him the best on his current and future endeavors.
Method of Analysis
Samples were prepared at the ALS Chemex lab facility in Chihuahua, Mexico, and analyzed by ICP and AA methods at their facilities in Vancouver, Canada. Diamond drill samples sent for analysis consisted of half NQ-size and BQ-size diamond core split on site, prepared by the ALS Chemex sample preparation laboratory in Chihuahua, Mexico, and assayed for Au by 50 g fire assay with AA finish, and for Ag by AA on 50 g split sample at the ALS Chemex North Vancouver Laboratory. Assays for Pb, Zn and Cu are done by Induction Coupled Plasma (ICP) at ALS Chemex.
Quality Control
The quality assurance-quality control (QA-QC) of Dia Bras has been described in detail in both RPA's NI 43-101 reports of December, 2006, at Cusi and October, 2005, for Bolivar.
The technical content of this news release has been approved by Thomas L. Robyn, Ph.D., CPG, RPG, a Director of Dia Bras and a Qualified Person as defined in NI 43-101.
About Dia Bras
Dia Bras is a Canadian exploration mining company focused on precious and base metals in Chihuahua State and other areas of northern Mexico. The Company is committed to developing and adding value to its most advanced assets - the Bolivar Property and the Cusi Property. The Company's shares trade on the TSX Venture Exchange under the symbol 'DIB'.
For further information on Dia Bras Exploration Inc. visit www.diabras.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-looking Statements
Except for statements of historical fact, all statements in this news release without limitation regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
Contacts:
Dia Bras Exploration Inc.
Daniel Tellechea
President & CEO
1-866-493-9646
Dia Bras Exploration Inc.
Karl J. Boltz
Vice President, Corporate Development
1-866-493-9646